Deputy prime minister Nick Clegg has been even more chirpy, declaring that "the rescue has worked". He went on to boast: "Today is a big day for Britain - our economy is now the same size as it was before the crash."

Clegg has been especially proud of his party's role, saying: "There would be no recovery without the Liberal Democrats." He also pledged to make the economy "even stronger" as the UK moves "from rescue to renewal".